Obligation to Pay Not Impaired. Except as provided in Section 2.03 hereof, nothing contained in this Article 3 or elsewhere in this Agreement, or in the Notes, is intended to or shall impair as among the Company and the holders of the Notes, the obligation of the Company, which is absolute and unconditional, to pay to the holders of the Notes the outstanding principal amount of the Notes, as and when the same shall become due and payable in accordance with their terms, or to affect the relative rights of the holders of the Notes nor shall anything herein or therein prevent the holders of the Notes from exercising, subject to the terms hereof, all remedies otherwise permitted by applicable law upon the occurrence of an Event of Default under this Agreement, subject to the rights, if any, under this Article 3 of the holders of the Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such remedy.
Appears in 4 contracts
Samples: Junior Subordinated Note Agreement (Family Bargain Corp), Junior Subordinated Note Agreement (Family Bargain Corp), Subordinated Note Agreement (Family Bargain Corp)